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Corporate Presentation December 2020 – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Dec 1, 2020 · 38 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 1
    Corporate Presentation December 2020 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 0
  2. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt VALUE CREATION Kelt focuses on value creation for shareholders over the long-term. The Company emphasizes low-cost land accumulation in resource-style plays with the potential for high rates of return on capital…
  3. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 3
    Environment, Social and Governance ( ESG ) Environment Social Governance Kelt is committed to minimalizing impacts on the Health and safety are a high Kelt is committed to strong environment. priority and Kelt maintains a HS&E…
  4. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 4
    Current Economic Environment COVID-19 PANDEMIC Kelts highest priority remains the health and safety of its employees, partners and the communities where it operates. The Company has introduced measures to protect the well-being of…
  5. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 5
    Recent Asset Disposition SALE OF INGA/FIREWEED DIVISION On August 21, 2020, Kelt completed the sale of its Inga/Fireweed Division to a multi-national oil and gas company headquartered in Houston, Texas, USA. Kelt received cash…
  6. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 6
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( effective December 1, 2020 ) 340 million 52-week stock trading range 0.67 5.00 Common shares issued 188.5 million Stock options ( 11.1 MM ) &…
  7. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 7
    Insider Commitment Insider Purchases Offering / Market Purchases Date Shares (MM) Amount (MM) Price/share 13.9 MM Equity Private Placement Feb-2013 3.7 8.7 2.32 94.4 MM Equity Private Placement Apr-2013 5.7 31.5 5.55 92.0 MM Equity…
  8. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 8
    Capital Expenditures 2021/20 ( millions ) 2019 2020 (E) 2021 (E) change Drilling & Completions 184.7 68.5 58.5 15% Equipment, Facilities, & Pipeline 129.0 75.7 28.0 63% Infrastructure [1] Land, Seismic & Asset Acquisitions, 1.9…
  9. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 9
    Drilling Program Drills 2019 Gross / Net Wells 2020 (E) Gross / Net Wells 2021 (E) Gross / Net Wells Alberta 8 8.0 5 5.0 4 4.0 British Columbia 25 25.0 9 9.0 6 6.0 Total 33 33.0 14 14.0 10 10.0 Completions 2019 Gross / Net Wells 2020…
  10. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 10
    Production 2019 2020 (E) 2021 (E) Oil ( bbls/d ) 9,361 31% 6,850 28% 3,800 22% NGLs ( bbls/d ) [1] 4,490 15% 3,950 16% 2,700 15% Gas ( Mcf/d ) 96,658 54% 81,600 56% 66,000 63% Combined ( BOE/d ) 29,961 100% 24,400 100% 17,500…
  11. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 11
    Commodity Prices ( CA , unless otherwise specified ) 2019 2020 (E) 2021 (E) WTI Crude Oil ( /bbl ) [1] US 56.98 75.61 US 38.00 51.34 US 38.50 51.59 MSW Crude Oil ( /bbl ) [2] US 52.17 69.19 US 32.68 44.16 US 34.50 46.23 NYMEX Natural Gas…
  12. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 12
    Gas Market Risk Management GAS MARKET DIVERSIFICATION The Company has taken a diversified approach to selling its natural gas in order to reduce exposure to single market risk. Estimated % of average gas sales in 2021 at each…
  13. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 13
    Hedging Oil and NGLs Remaining Commodity Index Quantity Fixed Price Term MSW 1,500 CAD 32.25 / bbl Crude Oil Dec/2020 Fixed Price bbls/d [ equivalent to USD 24.07 at a CAD/USD exchange rate of 1.340 ] OPIS Conway 500 CAD 23.35 /…
  14. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 14
    Hedging Natural Gas Remaining Commodity Index Quantity Fixed Price Term NYMEX Henry Hub 45,000 CAD 2.83 / MMBtu Natural Gas Oct/2020 Fixed Price MMBtu/d [ equivalent to USD 2.11 at a CAD/USD exchange rate of 1.340 ] NYMEX to AECO…
  15. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 15
    2021 Forecast Commodity Price Sensitivities Kelt Kelt Kelt CAD / USD 2021 Oil Price NGLs Price Gas Price Exchange Rate Forecast plus 10% plus 10% plus 10% plus 5% Kelt Oil Price ( CAD/bbl ) 44.61 49.07 + 10% 44.61 44.61 46.82 + 5%…
  16. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 16
    Netbacks 2021/20 ( / BOE ) 2019 2020 (E) 2021 (E) change Revenue / Price 34.53 21.50 26.48 + 23% Realized hedging gain ( loss ) ( 0.08 ) 1.16 ( 0.13 ) Royalties ( % of revenue / price ) 5.1% 4.9% 7.2% + 47% Transportation expense (…
  17. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 17
    Finding, Development & Acquisition Costs: P+P Reserves 2018 2019 Capital expenditures + change in FDC ( M ) 596,004 1,295,973 P+P reserve additions, net ( MBOE ) 76,905 169,217 FD&A cost ( /BOE ) 7.75 7.66 Operating netback ( /BOE…
  18. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 18
    Financial 2021/20 ( MM, unless otherwise specified ) 2019 2020 (E) 2021 (E) change Revenue 394.4 200.0 175.0 13% Operating income [1] 206.5 76.5 76.5 Adjusted funds from operations [1] 182.5 57.0 66.5 + 17% AFFO per share…
  19. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 19
    Operating Divisions Oak/Flatrock Montney light oil/condensate-rich gas Pouce Coupe/Progress/Spirit River Montney light oil Montney and Doig gas Oak/Flatrock Pouce Coupe/ Progress/Spirit River Charlie Lake light oil…
  20. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 20
    Kelt Land Fairway R13 R11 R9 R7 R5 R3 R1W6 R24W5 94-A-14 94-A-15 94-A-16 T90 T88 94-A-11 94-A-10 94-A-9 T88 Land Holdings Flatrock [ September 2020 ] T86 T86 Oak Developed + Gross Net Net T84 T84 Undeveloped Acres Acres…
  21. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 21
    Kelt Montney Framework 20
  22. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 22
    Drilling Economics Wembley/Pipestone Oak/Flatrock Pouce Coupe Alberta Charlie ( CA, unless otherwise specified ) Montney Well Montney Well Montney Gas Well Lake Well Estimated sales IP30 ( BOE / d ) 1,290 1,060 2,000 570 IP30 split %…
  23. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 23
    British Columbia Montney - Oak / Flatrock Division 00/8-16 UM 00/1-9 UM (DUC) 02/8-16 UM 00/4-10 UM (DUC) (sfc 13-12) 00/8-23 UM (DUC) (sfc 5-33) 00/6-24 UM (DUC) 02/13-13 UM MONTNEY LAND HOLDINGS 00/16-6 UM * 00/13-5 MM * (sfc…
  24. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 24
    Alberta Montney Lands MONTNEY LAND HOLDINGS T80 Gross: 185,600 acres ( 290 sections ) Net: 163,621 acres ( 256 sections ) Spirit OPERATIONS Pouce River Coupe Kelt commenced development of the Montney oil play at T78 Pouce Coupe…
  25. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 25
    Alberta Montney Wells PRODUCTION Top Five Pouce Coupe IP30 Wells ( gross sales, BOE/d ): (1) Pouce Coupe 03/07-18-078-11W6 ( D1 ) 2,045 ( 66% oil/ngls ) (2) Pouce Coupe 02/06-18-078-11W6 ( D2 ) 2,004 ( 68% oil/ngls ) (3) Pouce Coupe…
  26. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 26
    Wembley/Pipestone/La Glace Division Middle Montney ( D3 ) MONTNEY LAND HOLDINGS 00/13-10 02/13-32 (sfc 14-34) Gross: 110,880 acres ( 173 sections ) Sexsmith 00/1-35 (sfc 12-19) Gas Plant T75 Net: 107,155 acres ( 167 sections )…
  27. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 27
    Wembley/Pipestone/La Glace Division Middle Montney ( D2 / D4 ) Kelt 14-29 MONTNEY LAND HOLDINGS La Glace Facility (100% WI) 1-5 (D2) Gross: 110,880 acres ( 173 sections ) 02/13-33 (D2) 15-33 (D4) Sexsmith T75 Net: 107,155 acres (…
  28. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 28
    Alberta Charlie Lake Lands CHARLIE LAKE LAND HOLDINGS T80 Gross: 108,320 acres ( 169 sections ) Net: 74,720 acres ( 117 sections ) Progress Pouce OPERATIONS Coupe T78 Kelt has over 100 gross locations targeting the Spirit Upper and…
  29. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 29
    Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS 02/16-11 15-15 Pad: H2O Disposal 13-34 14-22 (60%) T79 15-22 (60%) Gross: 27,200 acres ( 43 sections ) 4-5 Pad: 03/3-1 (Upper CL) 14-33 16-22 (60%) Net: 20,000 acres ( 31…
  30. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 30
    Future Considerations The Company has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. The Company has amassed vast Montney acreage in new plays to…
  31. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 31
    Appendix ESG Health & Safety ESG Environment & Air Quality ESG Climate Change ESG GHG Emissions ESG Corporate Governance Leadership Board of Directors Leadership Management Abbreviations Disclaimers 30
  32. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 32
    Environment, Social & Governance ( ESG ) Health and Safety Safety is paramount in Kelts corporate culture. The Company is committed to safe and environmentally responsible operations for the benefit of its employees, contractors and the…
  33. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 33
    Environment, Social & Governance ( ESG ) Environment and Air Quality Kelt is committed to ensuring that its operational activities comply with all environmental regulatory standards and requirements. By conducting due diligence, Kelt…
  34. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 34
    Environment, Social & Governance ( ESG ) Kelt supports innovative strategies, clean technology (including alternative energy and renewable energy), green products and utilizing lower emitting solutions to meet industry targets. GHG…
  35. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 35
    Environment, Social & Governance ( ESG ) Corporate Governance The following documents relating to the Companys corporate governance matters are available on the internet at www.keltexploration.com: Advance Notice Policy Disclosure,…
  36. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 36
    Corporate Governance - Board of Directors Robert J. Dales [ 2, 3, 4, 7 ] Geri L. Greenall [ 2, 3, 6 ] President, Valhalla Ventures Inc. Chief Financial Officer, Spartan Delta Corp. Common shares 1,794,255 Common shares 38,500 Stock…
  37. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 37
    Leadership - Management Douglas J. Errico David J. Wilson Sadiq H. Lalani Senior Vice President, Land President & Chief Executive Officer Vice President & Chief Financial Officer and Corporate Development Common shares 24,003,792…
  38. Corporate Presentation December 2020 – Kelt Exploration Ltd. – slide 38
    Corporate Presentation KeltExploration.com Kelt Exploration Ltd. Suite 300, East Tower 311 Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 Phone: 403-294-0154 Fax: 403-291-0155 Website: www.KeltExploration.com 45

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